By Abiodun Folarin
WorldStage— NIRSAL Microfinance Bank (NMFB), has clarified that the COVID-19 Targeted Credit Facility (TCF) was an intervention loan and not a grant, warning beneficiaries that outstanding obligations remain subject to recovery under the applicable repayment arrangements.
The bank’s clarification follows recent media reports and public complaints over deductions from accounts linked to beneficiaries, outstanding loan balances, repayment records and difficulties accessing customer support.
In a statement issued on Friday in Abuja by its Head, Corporate Communications, Halimatu Omar, the bank said all beneficiaries were required to accept electronic offer letters before disbursement, which outlined the terms and conditions of the facility, including repayment obligations and recovery mechanisms in the event of default.
The bank explained that its recovery process operates within the regulatory framework of the Central Bank of Nigeria (CBN), including the Global Standing Instruction (GSI) mechanism.
The GSI framework allows financial institutions to recover outstanding loan obligations from eligible accounts linked to a borrower’s Bank Verification Number (BVN), subject to applicable guidelines.
However, NMFB acknowledged concerns raised by beneficiaries over the timing and amounts of deductions, outstanding balances and access to repayment information.
It said beneficiaries who suspect discrepancies in deductions or repayment records should contact the bank for individual account reconciliation and appropriate resolution.
The bank assured customers that legitimate complaints would be investigated and discrepancies established through the reconciliation process would receive the necessary attention.
It also encouraged beneficiaries seeking clarification on their loan status, repayment history or outstanding obligations to use its officially designated customer service channels.
The bank cautioned beneficiaries against engaging unofficial intermediaries or individuals claiming to represent it in matters relating to the COVID-19 intervention facility, urging customers to seek information directly from authorised channels.
NMFB reaffirmed its commitment to financial inclusion, support for micro, small and medium-sized enterprises (MSMEs), and expanding access to finance, saying it would continue to address customer concerns transparently and responsibly.
